HomeMy WebLinkAboutOrdinance 10699r
ORDINANCE NO U /
AN ORDINANCE APPROPRIATING $52,500.00 IN THE GENERAL FUND,
HOUSING AND HUMAN SERVICES ACCOUNT, HOUSING SERVICES AND
DECREASING THE GENERAL FUND UNRESERVED, UNDESIGNATED FUND
BALANCE BY THE SAME AMOUNT FOR THE PURPOSE OF ESTABLISHING
AND OPERATING THE HOME LOAN INFORMATION CENTER IN SUPPORT
OF THE 1990 SINGLE FAMILY MORTGAGE REVENUE BOND PROGRAM;
PROVIDING FOR A SEVERABILITY CLAUSE; MAKING THIS
ORDINANCE CUMULATIVE OF PRIOR ORDINANCES AND REPEALING ALL
PRIOR ORDINANCES IN CONFLICT HEREWITH; PROVIDING FOR
ENGROSSMENT AND ENROLLMENT; AND PROVIDING AN EFFECTIVE
DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT
WORTH, TEXAS'
SECTION 1.
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That in addition to those amounts allocated to the various City departments
for the Fiscal Year 1990-91 and in the Budget of the City Manager, there
shall also be increased appropriations in the General Fund, Housing and Human
Services Account, Housing Services, in the amount of $52,500.00; thereby
decreasing the General Fund unrestricted, undesignated fund balance by the
same amount, for the purpose of establishing and ogerating the Home Loan
Information Center in support of the 1990 Single Family Mortgage Revenue Bond
Program.
SECTION 2.
Should any portion, section or part of a section of this ordinance be
declared invalid, inoperative or void for any reason by a court of competent
jurisdiction, such decision, opinion or judgement shall in no way impair the
remaining portions, sections, or parts of sections of this ordinance, which
said remaining provisions shall be and remain in full force and effect
SECTION 3
That this ordinance shall be cumulative of Ordinance No. 10652 and all other
ordinances and appropriations amending the same except in those instances
where the provisions of this ordinance are in direct conflict with such other
ordinances and appropriations, in which instance said conflicting provisions
of said prior ordinances and appropriations are hereby expressly repealed
SECTION 4.
The City Secretary of the City of Fort Worth is hereby directed to engross and
enroll this ordinance by copying the caption and effective date into the
minutes of the City Council and by filing this ordinance in the ordinance
records of the City of Fort Worth.
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SECTION 5.
This ordinance shall take effect and be in full force and effect from and
after the date of its passage, and it is so ordained.
APPROVED AS TO FORM AND LEGALITY.
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F{OU5lNG & HUMAN 5ERVICds
-3 DATE REFERENCE SUBJECT CONTRACT WITH FORT WORTH PAGE
NUMBER HOUSING FINANCE CORPORATION TO 2
MANHGEINEfTSEh111D',P~{-90 **C-12562 OPERATE THE HOME LOAN INFORMATION 1 or-
~~ RECOMMENDATION:
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It is recommended that the City Council:
1) authorize the City Manager to sign a contract with the Fort Worth Housing
Finance Corporation the terms of which provide for the City of Fort Worth to
establish and operate the Home Loan Information Center in support of the
1990 Single Family Mortgage Revenue Bond Program for an amount of $52,500;
2) adopt the attached supplemental appropriation ordinance appropriating
$52,500 from increased revenues of the General Fund and increasing appropri-
ations in the General Fund Housing and Human Services Account, Housing Ser-
vices;
3) authorize the Accounting Division of the Finance Department, subject to
City Manager's acceptance of the grant, to establish the account in the City
of Fort Worth's financial accounting system upon receipt of an executed
contract;
4) approve the waiver of indirect costs.
DISCUSSION:
On September 25, 1990 the Fort Worth Housing Finance Corporation approved
the allocation of $52,500 from the Fort Worth Housing Endowment Fund for the
establishment of the Fort Worth Home Loan Information Center.
The Fort Worth Home Loan Information Center is in support of the 1990 Single
Family Mortgage Revenue Bond Program. On September 13, 1990, the Fort Worth
Housing Finance Corporation approved the issuance of 21.4 million dollars in
mortgage revenue bonds. Proceeds from the sale of the bonds will be
utilized to provide mortgage loans for first-time homebuyers seeking to pur-
chase newly constructed or existing homes in the City of Fort Worth. These
mortgages will be made available at an interest rate of 8.45% with a 30 year
term.
The 1990 Mortgage Bond Program has been structured to afford potential home-
buyers with a number of options in the purchase of homes. In addition,
there is the possibility of financial and other types of assistance for
lower income homebuyers made possible by an application submitted by
Colonial Savings to the Federal Home Loan Bank Affordable Housing Fund
Program.
The Home Loan Information Center will provide the public with a central
source of accurate and up-to-date information regarding mortgage loan funds
available from the Mortgage Bond Program. The Center will be housed within
DATE REFERENCE
NUMBER SUBJECT `CONTRACT WITH FORT WORTH PAGE
10-16-90
**C-12562 HOUSING FINANCE CORPORATION TO 2 2
°`
OPERATE THE HOME LOAN INFORMATION
CENTER
the Department of Housing and Human Services and operate for 12 months dur-
ing normal business hours.
The center will operate as a telephone clearing house rather than as a "walk-
in" center. Due to the number of anticipated responses, a walk-in center is
not felt to be practical.
Examples of information that will be provided to the public both verbally
and through a written brochure include the following:
1) loan interest rate and terms;
2) a list of participating lenders with names of contacts and telephone num-
bers;
3) eligibility criteria;
4) information on special assistance programs for lower income homebuyers.
The Center will be .operated by two paid staff positions with volunteers
being recruited to support the paid staff. The allocation request will pro-
vide the personnel cost and the support items necessary for the center.
The Center will begin operation in November, 1990.
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SUBMITTED FOR THE
CITY MANAGER'S
OFFICE BY Mike Groomer 6122 DISPOSITION BY COUNCIL:
^ APPROVED PROCESSED BY
ORIGINATING ^ OTH_ER (DESCRIBE)
DEPARTMENT HEAD: Sandra GOnZaIeS 7537 CITY SECRETARY
FOR ADDITIONAL INFORMATION
CONTACT Steve Johnson 7331
Ado ted Ordinance No. ~~~
DATE